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2017 (10) TMI 992 - AT - Income TaxUndisclosed sales - assessment u/s 153A - Held that:- We are of the opinion that present case is not the case of Lack of enquiry but it is a case of not understanding the accounting entries made by the assessee in the books of accounts. The Ld. assessing officer has failed to appreciate that when the assessee has already booked sales of 2404 bags in the books of accounts by crediting the sales account and debiting the cash on hand, there cannot be once again an addition on account of the gross profit on the same sales. In the present case, the Ld. assessing officer has failed to appreciate that assessee has already accounted the sales in the books of accounts at the prevailing market rate and profit thereto has already been added by the assessee in its normal accounts. Therefore, there cannot be an unaccounted sales and consequent addition. - Decided in favour of assessee.
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